DUBAI: Kuwait’s Agility, the largest Gulf Arab logistics group, posted an eight percent increase in third-quarter net profit yesterday, as earnings from its infrastructure operations offset declines in its core logistics business.
The firm made a profit of KD13.04m ($44.8m) in the three months to September 30, up from KD12.13m in the corresponding period of last year, it said in a statement. An analyst at SICO Bahrain forecast that the company would make a net profit in the period of KD13.7m.
Total revenue grew three percent year on year to KD337.1m, boosted by a 16 percent increase in its infrastructure division. This was helped by contract wins in the Ivory Coast and the United Kingdom.
“Agility Infrastructure companies posted strong results this quarter and are expected to continue to grow through investments in emerging markets,” chief executive Tarek Sultan said in the statement.
Reuters
